Sir Ian retires from Wood after 50 years

Sir Ian Wood, the billionaire who surfed the North Sea oil boom and transformed his family's tiny ship-repair firm into a global oil services giant, is to step down after nearly 50 years with the business.

Sir Ian, worth £1.2bn according to The Sunday Times Rich List, is retiring after 45 years as chief executive and chairman of FTSE 250 company Wood Group, whose revenues hit £3.8bn last year. He is handing over to chief executive Allister Langlands, who has been with the Aberdeen-based business since 1991.

The promotion of the chief executive to chairman goes against City best practice, but independent director Ian Marchant said the move had been "unanimously" supported by investors.

Bob Keiller, another internal candidate, becomes chief executive. Sir Ian steps down from the board in November.

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